MIRA INFORM REPORT

 

 

Report No. :

330557

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SONAL ADHESIVES LIMITED

 

 

Registered Office :

2N, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra

Tel. No.:

91-22-61316131

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

18.11.1991

 

 

Com. Reg. No.:

11-064045

 

 

Capital Investment / Paid-up Capital :

Rs.60.610 Million

 

 

CIN No.:

[Company Identification No.]

L02004MH1991PLC064045

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS39375A

 

 

PAN No.:

[Permanent Account No.]

AAACS6289A

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

The Company is in the business of manufacturing adhesive tapes and plastic ropes.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 280000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track.

 

Profit margin and reserves appears to be low. However rating derives strength from extensive experience of promoters, established relationship with the customers and long track record of operations.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating : BB-

Rating Explanation

Inadequate credit quality and high credit risk.

Date

27.04.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating : BB-

Rating Explanation

Minimal degree of safety and high credit risk.

Date

27.04.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mrs. Rajan

Designation :

Export Assistant

Contact No.:

91-22-61316131

Date :

02.07.2015

 

 

LOCATIONS

 

Registered Office :

2N, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-61316131

Fax No.:

91-22-61316132

E-Mail :

info@sonal.co.in

megha2012@gmail.com

Website :

http://www.sonal.co.in

 

 

Factory  :

Plot No. 28/A Village – Dheku, Takai Adosi Road, Off Khopoli Pen Road, Khalapur, Raigad - 400004, Maharashtra, India

Tel. No.:

91-219-2262622 / 262620 

Fax No.:

91-219-2268617

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Sandeep M. Arora

Designation :

Director

 

 

Name :

Mrs. Kamal M. Arora

Designation :

Director

 

 

Name :

Mr. Jaspal Singh Bhasin

Designation :

Director

 

 

Name :

Mr. Manish S. Nanda

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Amish Kirtikumar Ashar

Designation :

Secretary

Address :

Flat No. 411, C-Wing, Arpit Enclave, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India

PAN No.:

ADHPA3277B

Date of Appointment :

10.03.2015

 

 

Name :

Shivcharan Shankar Girkar

Designation :

CFO

Address :

U - 17, RH - 04, Lane - 1, Sector 9,, CBD Belapur, Navi Mumbai - 400614, Maharashtra, India

PAN No.:

AJNPG9797L

Date of Appointment :

12.08.2014

 

 

Name :

Mrs. Rajan

Designation :

Export Assistant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

699400

11.54

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3101500

51.17

http://www.bseindia.com/include/images/clear.gifSub Total

3800900

62.71

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

3800900

62.71

 

 

 

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

24600

0.41

http://www.bseindia.com/include/images/clear.gifSub Total

24600

0.41

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

276071

4.55

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

1082557

17.86

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

619934

10.23

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

256938

4.24

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

205738

3.39

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

51200

0.84

http://www.bseindia.com/include/images/clear.gifSub Total

2235500

36.88

Total Public shareholding (B)

2260100

37.29

 

 

 

Total (A)+(B)

6061000

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

 

 

 

Total (A)+(B)+(C)

6061000

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is in the business of manufacturing adhesive tapes and plastic ropes.

 

 

Products :

Plastic ropes.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS - NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Term loan from banks

NA

28.178

Loan repayable on demand from Banks

NA

107.329

 

 

 

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

 

 

From banks

NA

0.720

 

 

 

Total

NA

136.227

 

NOTE:

 

LONG TERM BORROWINGS

 

1 Car Loan:

 

a)     There are 2 term loans. One term loan from Axis Bank is secured against car.

The amount payable within one year is Rs 0.363 millions

 

2 Working Capital Facilities and Other Term Loans:

 

The working capital facilities and the term loans are secured against the following:

 

a)     Equitable mortgage of land and building situated thereon at Gat 232 / 2, Survey No 28, Hissa 1A, measuring 3860 sq mtrs within village Dheku, Taluka Khalapur, District Raigad.

 

b)    Equitable mortgage of land and building situated thereon at Gat 232 / 1, Survey No 28, Hissa 1A, measuring 3860 sq mtrs within village Dheku, Taluka Khalapur, District Raigad, owned by Sonal Ropes Limited.

 

c)     Equitable mortgage of property at Ground Floor, C Wing, Bhagwati Building, FP Nos 18 - 19 / 34 A, B, C and 35 A, B, C, TPS VI and CTS No 1610 / 27 and 1610 / 28 of Santacruz West, Linking Road, Extension Road, Mumbai 400 054, owned by Sandeep Arora and Mridu Arora.

 

d)    Equitable mortgage of property (Residential Flat) at 11th Floor, Morya Heights, Plot No 15, 16 and 17, Near Sanjeevani International School, Kharghar Sector 18, Navi Mumbai, District Panvel, owned by Sonal Impex Limited

 

e)     Equitable mortgage of industrial property situated at Gut No 236 (1), House No 142, Village Dheku, Off Takai - Adoshi Road, Adashi, Khopoli, Raigad, owned by Sonal Impex Limited.

 

f)     Hypothecation of existing fixed assets

 

g)    Hypothecation of plant and machinery of Sonal Ropes Limited

 

h)     Cash collateral or immovable property worth Rs 5.000 millions.

 

i)      Third party guarantee of Sandeep Arora, Kamal Arora, Mridu Arora, Corporate Guarantees of Sonal Impex Limited and Sonal Ropes Limited.

 

j)      Amount repayable within one year for term loan is Rs 8.400 millions (Previous Year: Rs 8.400 millions).

 

3 Rate of interests:

 

a)     On Term Loan: 7% above the Base Rate.

 

b)    On Working Capital: 7% above Base Rate.

 

Banking Relations :

 

 

 

Auditors :

 

Name :

K.S. Sanghvi and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

v  Sonal Impex Limited

v  Sonal Filaments Limited

v  Sonal Ropes Limited

v  Zain Fresh Agro Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

 

Issued, Subscribed & Paid-up Capital : Rs.60.610 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7000000

Equity Shares

Rs.10/- each

Rs.70.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6061000

Equity Shares

Rs.10/- each

Rs.60.610 Million

 

 

 

 

 

 

  1. Equity shareholders holding more than 5% of the equity shares alongwith the number of equity shares held is given below

 

Particular

No. of Share

%

 

 

 

Sonal Impex Limited

2822700

46.57%

 

 

 

 

 

  1. The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

60.610

60.610

60.610

(b) Reserves & Surplus

36.097

32.705

26.756

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

96.707

93.315

87.366

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

13.832

136.154

146.823

(b) Deferred tax liabilities (Net)

8.991

7.943

5.864

(c) Other long term liabilities

0.000

0.007

0.007

(d) long-term provisions

1.351

11.587

10.050

Total Non-current Liabilities (3)

24.174

155.691

162.744

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

221.617

0.720

5.155

(b) Trade payables

76.654

140.830

135.267

(c) Other current liabilities

35.824

29.638

15.639

(d) Short-term provisions

0.420

11.253

12.080

Total Current Liabilities (4)

334.515

182.441

168.141

 

 

 

 

TOTAL

455.396

431.447

418.251

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

72.693

80.485

79.124

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

6.003

14.017

22.444

(e) Other Non-current assets

15.461

12.605

27.812

Total Non-Current Assets

94.157

107.107

129.380

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

115.873

127.895

128.474

(c) Trade receivables

196.317

159.216

132.726

(d) Cash and cash equivalents

24.636

14.865

3.659

(e) Short-term loans and advances

24.413

19.871

23.665

(f) Other current assets

0.000

2.493

0.347

Total Current Assets

361.239

324.340

288.871

 

 

 

 

TOTAL

455.396

431.447

418.251

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from operation

432.801

568.749

583.528

 

 

Other Income

9.924

1.710

2.428

 

 

TOTAL                                    

442.725

570.459

585.956

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

312.952

513.914

550.801

 

 

Purchase stock in trade

35.820

0.000

0.000

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

8.765

(15.486)

(24.365)

 

 

Employees benefits expense

5.913

4.757

4.640

 

 

Other expenses

37.769

30.642

25.138

 

 

TOTAL                                    

401.219

533.827

556.214

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

41.506

36.632

29.742

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

28.173

24.171

20.164

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

13.333

12.461

9.578

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

7.803

4.433

2.799

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5.530

8.028

6.779

 

 

 

 

 

Less

TAX                                                                 

0.937

2.079

1.610

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

4.593

5.949

5.169

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

0.000

25.756

20.780

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Deferred tax liability of prior years

NA

31.705

0.193

 

 

Proposed final dividend

NA

0.000

0.000

 

 

Dividend distribution tax on proposed final dividend

NA

0.000

0.000

 

BALANCE CARRIED TO THE B/S

NA

0.000

25.756

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.76

0.98

0.85

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

9.658

10.268

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.06

1.05

0.89

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

9.59

6.44

5.10

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.21

1.86

1.62

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.06

0.09

0.08

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.43

1.47

1.74

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.08

1.78

1.72

 

STOCK PRICES

 

Face Value

Rs.10.00

Market Value

Rs.9.00/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

60.610

60.610

60.610

Reserves & Surplus

26.756

32.705

36.097

Share Application money pending allotment

0.000

0.000

0.000

Net worth

87.366

93.315

96.707

 

 

 

 

long-term borrowings

146.823

136.154

13.832

Short term borrowings

5.155

0.720

221.617

Total borrowings

151.978

136.874

235.449

Debt/Equity ratio

1.740

1.467

2.435

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

583.528

568.749

432.801

 

 

(2.533)

(23.903)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

583.528

568.749

432.801

Profit

5.169

5.949

4.593

 

0.89%

1.05%

1.06%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

---

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

---

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

UNSECURED LOANS

 

PARTICULAR

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Deferred payment liabilities

NA

0.647

 

 

 

Total

NA

0.647

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10570535

18/04/2015

22,200,000.00

SBI GLOBAL FACTORS LIMITED

6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, C 
OMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051 
, INDIA

C54204623

2

10343818

03/03/2012 *

43,000,000.00

STATE BANK OF INDIA

MIDC, ANDHERI (EAST) BRANCH, PLOT NO B-1, CENTRAL 
ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 40009 
3, INDIA

B36123412

3

80009386

08/02/2013 *

231,400,000.00

STATE BANK OF INDIA

MIDC, ANDHERI EAST BRANCH,, BEHIND MIDC POLICE ST 
ATION, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, 
INDIA

B71094015

4

80009385

09/01/1995

25,500,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, ANDHERI (E), MUMBAI, M 
AHARASHTRA - 400069, INDIA

-

5

80009388

09/01/1995

25,500,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, ANDHERI (E), MUMBAI, M 
AHARASHTRA - 400069, INDIA

-

 

* Date of charge modification

 

 

NATURE OF BUSINESS [AS ON 31.03.2014]

 

The Company is in the business of manufacturing adhesive tapes and plastic ropes. The manufacturing facility of the Company is situated at Khopoli and its registered office is situated in Andheri (West), Mumbai. The Company exports its products through its associate companies. The Company also gets some part of the manufacturing done from its associate companies on job work basis.

 

 

OPERATIONS [AS ON 31.03.2014]

 

The total income of the Company for the year at Rs. 568.749 lacs was lower by 2.53% to that of the previous year at Rs. 583.528 million, on account of considerable sluggishness in the business. However the operating profit i.e. Profit before Interest, Depreciation and Tax has been registered at Rs. 31.579 million as against Rs. 24.900 million of the previous year i.e. growth of around 26.82% to that of previous year. The net profit has been registered at Rs. 5.949 million as against Rs. 5.169 million of the previous year.

 

FIXED ASSETS

 

  • Land
  • Factory Building
  • Office Premises
  • Plant and Equipment
  • Electrical Installation
  • Lab Equipments
  • Motor Vehicle
  • Motor Cycle
  • Bicycle
  • Air-conditioner
  • Computer
  • Generating Set
  • Office Equipment
  • Furniture and Fixture

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

SNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-----

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

32

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.